Sebi disposes of insider trading case against individual in Pantaloon Retail India scrip

Capital markets regulator Sebi on Friday disposed of a case of alleged insider trading in the scrip of Pantaloon Retail India Ltd (PRIL) against an individual. The firm is now known as Future Enterprises Ltd.

Abhishek Jalan was alleged to have violated Prohibition of Insider Trading norms by allegedly trading on NSE in the scrip of PRIL DVR in the futures segment while in possession of unpublished price sensitive information on account of him being part of the senior management of the firm. However, the regulator, from the submissions of Jalan, noted that he had placed a sell order through a web-based application provided by his broker and mistakenly selected PRIL futures instead of futures of GMR Infrastructure Ltd.

Upon realizing his mistake, he bought the same quantity of PRIL futures on the market price to square off the futures position with a time-lapse of around 3 minutes. Besides, he incurred a net loss of Rs 350 on account of the transactions.

The regulator thus disposed of the proceedings against Abhishek Jalan. In a separate order, Sebi dismissed the proceedings against three entities -- Manjusha Lodha, ABL Infrastructure Pvt Ltd, and Surinder Singh Kadyan -- for alleged irregularities while dealing in the scrip of Indiabulls Integrated Services Ltd, formerly known as SORIL Holdings and Ventures Ltd.

Allegations of disclosure lapses were leveled against Lodha and ABL Infrastructure with respect to change in their shareholding in the firm. Surinder Singh Kadyan was alleged to have violated insider trading norms. However, Sebi disposed of the proceedings considering their submissions.